Are your affairs in order?
May 11, 2017
Estate planning is the process of establishing, managing and reviewing your ongoing personal affairs to ensure your assets are dealt with as you would like, and avoid unplanned consequences on your death or when you are unable to look after your own affairs.
This process includes a range of legal and financial considerations and goes beyond having a legal will - it includes planning the most effective way to arrange your assets to having a simple strategy documented for your next of kin.
Many of us financially protect (insure) our life, home, contents, car and income earning capacity while we are alive. Why wouldn’t we provide ourselves with peace of mind, knowing the same assets continue to be protected as we wish when we are unable to do so?
Some key aspects we can start thinking about today to make it easier for ourselves and others to legally carry out our wishes in an orderly manner are to:
- Make or update your Will using a legal practitioner.
- Inform your family of your Will and its location.
- Establish Enduring Powers of Attorney while you are able to do so.
- Consider pre- arranging your funeral requirements.
- Prepare a summary of your financial affairs, including a list of important documents and where they are kept.
- Increase your awareness of what may be involved in dealing with a deceased person’s estate.
- Ensure you have trusted advisors in place e.g. lawyer, accountant, etc.
- Establish an effective estate plan.
If you do not have the legal documentation mentioned above, or you would like further information based on your personal circumstances, please call David Smarrelli on 9894 6888 who will be pleased to assist you.
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